V Wealth Advisors LLC cut its stake in Medtronic PLC (NYSE:MDT) by 14.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,687 shares of the medical technology company’s stock after selling 462 shares during the quarter. V Wealth Advisors LLC’s holdings in Medtronic were worth $246,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Intact Investment Management Inc. raised its holdings in Medtronic by 14.9% in the 2nd quarter. Intact Investment Management Inc. now owns 86,400 shares of the medical technology company’s stock worth $7,913,000 after purchasing an additional 11,200 shares in the last quarter. GWM Advisors LLC raised its holdings in Medtronic by 206.5% in the 2nd quarter. GWM Advisors LLC now owns 37,088 shares of the medical technology company’s stock worth $3,401,000 after purchasing an additional 24,988 shares in the last quarter. B & T Capital Management DBA Alpha Capital Management bought a new position in Medtronic in the 2nd quarter worth $2,249,000. Trustcore Financial Services LLC grew its position in shares of Medtronic by 40.3% in the 2nd quarter. Trustcore Financial Services LLC now owns 4,349 shares of the medical technology company’s stock worth $399,000 after buying an additional 1,250 shares during the period. Finally, Wealthcare Advisory Partners LLC grew its position in shares of Medtronic by 68.7% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 3,097 shares of the medical technology company’s stock worth $284,000 after buying an additional 1,261 shares during the period. Institutional investors and hedge funds own 81.01% of the company’s stock.
In other news, SVP Carol A. Surface sold 2,000 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $97.72, for a total value of $195,440.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.28% of the stock is owned by corporate insiders.
Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 21st. The medical technology company reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.28 by ($0.70). Medtronic had a return on equity of 12.17% and a net margin of 16.56%. The business had revenue of $6 billion during the quarter, compared to the consensus estimate of $6.10 billion. During the same quarter last year, the company earned $1.54 EPS. Medtronic’s revenue for the quarter was down 26.4% on a year-over-year basis. As a group, equities research analysts anticipate that Medtronic PLC will post 3.41 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were paid a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 2.40%. The ex-dividend date was Thursday, June 25th. This is a boost from Medtronic’s previous quarterly dividend of $0.54. Medtronic’s dividend payout ratio is 50.54%.
A number of analysts have recently weighed in on the stock. SunTrust Banks reduced their target price on shares of Medtronic from $130.00 to $105.00 in a research report on Wednesday, May 27th. CSFB reaffirmed a “buy” rating and issued a $117.00 target price on shares of Medtronic in a research report on Saturday, May 23rd. Wells Fargo & Co reduced their target price on shares of Medtronic from $130.00 to $108.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 22nd. Jefferies Financial Group upped their target price on shares of Medtronic from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, May 22nd. Finally, Sanford C. Bernstein reaffirmed a “hold” rating and issued a $112.00 target price on shares of Medtronic in a research report on Thursday, April 23rd. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $113.55.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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